EXHIBIT 23
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
We consent to the incorporation by reference in the registration statements of
Citation Corporation on Forms S-8 (File No. 33-93630, File No. 33-93652, and
File No. 333-4206) of our report, dated November 19, 1996, on our audits of the
consolidated financial statements and financial statement schedules of
Citation Corporation and subsidiaries as of September 29, 1996 and October 1,
1995, and for each of the three years in the period ended September 29, 1996,
which report is included in this Annual Report on Form 10-K.
COOPERS & LYBRAND L.L.P.
Birmingham, Alabama
December 26, 1996
64
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS ON SUPPLEMENTARY INFORMATION
To the Stockholders
Citation Corporation and Subsidiaries
Our report on the consolidated financial statements of Citation Corporation and
subsidiaries is included on page 25 of this Form 10-K. In connection with our
audits of such financial statements, we have also audited the related financial
statement schedule listed in the index in Item 14 of this Form 10-K.
In our opinion, the financial statement schedule referred to above, when
considered in relation to the basic financial statements taken as a whole,
presents fairly, in all material respects, the information required to be
included therein.
COOPERS & LYBRAND L.L.P.
Birmingham, Alabama
November 19, 1996
65
CITATION CORPORATION AND SUBSIDIARIES
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDING SEPTEMBER 29, 1996, OCTOBER 1, 1995 AND OCTOBER 2, 1994
Additions
-----------------------
Description Balance at
Beginning Charged Charged to Balance at
of Period to Expense Assets Deductions End of Period
----------- ----------- ----------- ---------- --------------
1996
Allowance for doubtful accounts $ 770,672 $ 583,539 $ 208,519 $ (141,703) $1,421,027
Reserve for obsolete inventory 267,890 259,922 217,455 (254,279) 490,988
Reserve for sales returns 1,020,939 643,731 281,060 (870,494) 1,075,236
Deferred tax asset valuation allowance 370,000 370,000
---------- ---------- ---------- ------------ ----------
Total $2,059,501 $1,857,192 $ 707,034 $(1,266,476) $3,357,251
---------- ---------- ---------- ------------ ----------
---------- ---------- ---------- ------------ ----------
1995
Allowance for doubtful accounts $ 949,564 $ 460,840 $ 36,431 $ (676,163) $ 770,672
Reserve for obsolete inventory 15,000 4,640 248,250 267,890
Reserve for sales returns 137,611 176,126 910,698 (203,496) 1,020,939
---------- ---------- ---------- ------------ ----------
Total $1,102,175 $ 641,606 $1,195,379 $ (879,659) $2,059,501
---------- ---------- ---------- ------------ ----------
---------- ---------- ---------- ------------ ----------
1994
Allowance for doubtful accounts $ 796,612 $ 170,954 $ 41,149 $ (59,151) $ 949,564
Reserve for obsolete inventory 10,000 5,000 15,000
Reserve for sales returns 194,085 34,787 (91,261) 137,611
---------- ---------- ---------- ------------ ----------
Total $1,000,697 $ 205,741 $ 46,149 $ (150,412) $1,102,175
---------- ---------- ---------- ------------ ----------
---------- ---------- ---------- ------------ ----------
66